 |
|
|
|
Audits and Reports |
|
|
Audits and Reports
The Office of the State Auditor conducts independent government audits for the State of Vermont. Our two major governmental financial audits are issued annually:
- The audit of the Comprehensive Annual Financial Report (CAFR) of the State of Vermont; and
- The federally-mandated Single Audit of all programs receiving federal funds.
These audits adhere to Government Auditing Standards as mandated by the Comptroller General of the United States and to Generally Accepted Auditing Standards (GAAS) as issued by the American Institute of Certified Public Accountants.
Comprehensive Annual Financial Report Audit
A major activity of the State Auditor's Office is the audit of the State of Vermont's Comprehensive Annual Financial Report. These financial statements are the responsibility of the State of Vermont's management. The State Auditor's responsibility is to express an opinion on and provide reasonable assurance that the financial information presented in this report is free of material misstatement. In this audit, we also test the State's compliance with certain provision of laws and regulations as well as the internal control structure put in place by state management.
Federal Single Audit
A second major audit of the State Auditor's Office is the Single Audit of all programs receiving federal funds. The Single Audit reviews the more than $1.2 billion Vermont receives annually from the federal government to ensure that it is spent in compliance with all applicable laws and regulations. We also monitor internal controls over federal monies, including program effectiveness and efficiency.
In addition, the State Auditor provides a yearly Management Letter to the State's financial managers. This Management Letter is a result of the annual BFS Audit and the Federal Single Audit for that fiscal year. Its purpose is to indicate to state managers specific ways to improve financial operations and reporting, and help foster efficient management of the State of Vermont's resources. The Management Letter also provides follow-up on the prior year's audit findings to document that identified deficiencies in internal controls and compliance with relevant laws have been corrected.
|
|
|
|
|
|
